FN Media Group Presents Microsmallcap.com Market Commentary
New York, NY – February 8, 2022 – The legalization of mobile sports betting is heating up and already bearing fruit across the North American market. After New York’s gaming commission approved four mobile sports wagering operators to start receiving bets on January 8, New Yorkers spent $150 million on mobile sports betting within the first weekend. Of course, that is just a glimpse of the market. The legalization of sports betting in 11 states caused the market to more than double in 2021, with Americans wagering $52.7 billion. Other states are also pushing for the legalization of mobile sports betting. In Missouri, casino operators and six pro sports teams came together to back the legalization of mobile sports wagering across existing gaming locations. The growing legalization efforts across the United States and the rest of the world offers an exciting opportunity to gaming companies like Bragg Gaming Group (NASDAQ:BRAG) (TSX:BRAG), DraftKings (NASDAQ:DKNG), Penn National Gaming (NASDAQ:PENN), GAN Limited (NASDAQ:GAN), and International Game Technology PLC (NYSE:IGT).
Vertically integrated global B2B gaming and technology company Bragg Gaming Group (NASDAQ:BRAG) (TSX:BRAG) has continued to expand its reach in North America and across the world, directly impacting the company’s bottom line. On February 8, Bragg announced multi-year growth in its business thanks to the success of its ongoing content expansion and new market strategy.
Bragg expects to report fourth quarter 2021 revenue of approximately €15.4 million (US$17.6 million) and Adjusted EBITDA of approximately €1.3 million (US$1.5 million) and expects to report full year 2021 revenue of approximately €58.0 million (USD $66.1 million), a 25% increase year-over-year (YoY) and Adjusted EBITDA of approximately €7.0 million (USD $8 million), a 26% increase YoY.
The company also raised its 2022 full year revenue to a range of €68-72 million (US$78-82 million) from the prior range of €59-61 million (US$67-70 million) and Adjusted EBITDA guidance to a range of €9.5-10.5 million (US$10.8-12 million) from the prior range of EUR €6-7 million (USD $7-8 million), reflecting year-over-year growth of 21% and 43%, respectively.
Bragg, which entered the US market last June through the acquisition of Wild Streak Gaming, is expected to increase its presence in the growing market in early 2022 through the acquisition of Spin Games. Spin Games is licensed in New Jersey, Pennsylvania, Michigan, Connecticut and British Columbia, Canada, and is a fully integrated supplier to DraftKings, Caesars, BetMGM, FanDuel and Penn National Gaming, to name a few.
Bragg also recently began its bold move into the UK, the world’s largest regulated iGaming market at a value of approximately $5.5 billion in 2021, after receiving a UK supplier license in late November.
On January 8, Bragg introduced its content in the UK for the first time with 888casino, one of the world’s leading online casino brands. Then just two days later, the company added its content to a number of casino brands operated by SkillOnNet in the UK.
Two weeks later, Bragg further expanded its reach in the UK market through a collaboration between its wholly-owned subsidiary ORYX Gaming and Novabet. Through this agreement, Novibet’s customers in the UK can access titles developed by ORYX in-house studio and exclusive titles from GAMOMAT and Peter & Sons.
For more information about Bragg Gaming Group (NASDAQ:BRAG) (TSX:BRAG), click here.
Companies Make Moves to Capture a Market Share in Various iGaming Markets
Digital sports entertainment and gaming company DraftKings (NASDAQ:DKNG) made a multi-year financial commitment to help state councils across the country provide critical funding. The funding will be used to support local nonprofits that help people and families dealing with problem gambling. DraftKings will contribute a total of $1,575,000 in three years starting January 2022. This commitment is part of DraftKing’s efforts to promote responsible gambling.
In mid-December, Penn National Gaming (NASDAQ:PENN) opened the Hollywood Casino Morgantown, its fourth gaming and entertainment facility in Pennsylvania. The casino includes innovative cardless, cashless, and contactless experiences for customers, in line with Penn National Gaming’s goal to provide the best experiences to its customers across all facilities and offerings. The new facility consists of 750 latest video reel slots and video poker machines, 30 table games, and the Barstool Sportsbook. Patrons can also access the gaming facility at the facility.
Internet gaming software-as-a-service provider GAN Ltd (NASDAQ:GAN) recently completed the acquisition of Silverback Gaming, an online casino game based in Bulgaria and the UK. This acquisition gives GAN exclusive global rights to distribute Silverback Gaming’s current and future Silverback online games. These games could include 50 new and unique slot games within the next three years. Some of the slot games owned by Silverback include Aztech Luck and Mystery Stacks, which are distributed extensively across Europe’s regulated gaming markets to more than 100 B2C operators.
International Game Technology PLC (NYSE:IGT) has announced changes to its executive and board. In these changes, Lorenzo Pellicioli retires from the Board of Directors to become a non-executive director. Following these changes, Marco Sala, CEO, now serves as the executive chair of the board while Vincent Sadusky takes on the role of the CEO and executive director of the board. These changes became effective on January 24, 2022. The company has made these changes in its executive team and board as it anticipates a new phase of growth, with the company executing its long-term growth strategy and value creation initiative.
The global iGaming market is a well of opportunity for companies in the gaming sector, particularly those with a growing presence across the globe like Bragg Gaming Group.
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